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There’s been a lot of attention directed towards the joint takeover bid for Australian Leisure and Hospitality (ALH) by Woolworths and pub magnate Bruce Mathieson. So much, in fact, that it would have been easy to have missed the release of the group’s full year results. Earnings slightly bettered prospectus forecasts with the group declaring a final, fully-franked 6.5-cent dividend (ex-date 17 Aug). Accompanying these results was an independent expert’s report which, being independent, found the current offer ‘neither fair nor reasonable’. KPMG...

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